Money Changers Just Cancelled The $200 Per ID’s Quota

Money changers in Lebanon said they will stop selling to citizens the allotted quota of $200/individual on the basis of ID cards, less than a week after they adopted the plan.

In a statement it released on Friday, the Syndicate of Money Changers made a number of announcements, which included a response to the “fabricated and malicious news” that has been targeting licensed money changers.

Firstly, the Syndicate asserted that it is implementing the adopted policy regarding the exchange rate of the U.S. dollar “in all care and honesty,” and has held several meetings to enforce it upon the licensed money changers.

Secondly, it said that the implementation of this policy has been taking place “in public and in front of the observers,” and before the lenses of the surveillance cameras and the eyes of security personnel.

On that note, the Syndicate points out that money exchange businesses have invited, over the past few days, security forces to escort and support them in enforcing the agreed-upon policy and organizing the lines of customers in front of their shops.

With that said, the Syndicate warns malicious parties from standing behind broadcasting fabricated news “to delude the public opinion and pit it against the money changers to turn them into a scapegoat” for hidden motives.

Moreover, it urges the media to consult it for clarification on any matter that concerns money changers before broadcasting it “to preserve accuracy and professionalism” and to avoid swaying the public opinion from the truth.

That is especially considering that the Syndicate does not back away from uncovering any violators, even if they were affiliated with it, the statement notes.

Finally, “the Syndicate announces that the service of selling $200 will stop, by the identity card only, which is classified without any supporting documents, while maintaining other services, starting from Saturday, 20/06/2020.”

Over the past week, money changers all across Lebanon have witnessed massive queues of customers on a daily basis after announcing their new $200-by-ID offering.